Nigeria in 1min: Economic, Business & Financial Headlines – 271115

Proshare

November 27, 2015 7:00 AM / Proshare News
 

NIGERIAN ECONOMY
FG to float $25bn infrastructure fund — Adeosun - The Federal Government, yesterday, revealed plans to set up a $25 billion infrastructure fund to bridge the funding gap in infrastructure development in the country. Source Vanguard Read More
 

Carriers remit $5.57b yearly from ticket sales in Nigeria - No fewer than 27 foreign airlines flying into Nigeria are remitting over $5.556 billion yearly from the sales of ticket, an aviation expert, President of Sabre Network (West Africa), Gbenga Olowo,has said. Source Guardian Read More
 

Customs’ revenue to fall below N944bn annual target as import drops - There are strong indications that the Nigeria Customs Service (NCS) will not be able to meet its 2015 revenue target estimated at N944 billion, analysts have projected. Source BUSINESSDAY Read More
 

Unlocking vast potential in solid minerals - Today we turn our attention to the solid minerals industry. The slide in the oil price and the exposure of Nigeria’s Achilles heel has reinforced the need for economic diversification. For economic development in many emerging markets, mineral resources are the bedrock for industrialisation. Source Proshare Read More
 

Religious bodies’ ventures must pay taxes —FRC - The Financial Reporting Council of Nigeria on Thursday said that non-charitable institutions owned by religious bodies would need to pay taxes because they were commercial ventures. Source Punch Read More
 

China To Invest $10bn In Cross River – Gov Ayade - The Cross River State governor, Prof. Ben Ayade has said that arrangements have been concluded for Henan Province of China to commence construction of $10 billion project in the state. Source Leadership Read More
 

Ford Begins Assembling Ranger Trucks In Nigeria - As part of its ambitious expansion in Africa, Ford Motor Company assembled the first Ford Ranger in Nigeria this week in an existing facility with Ford’s Nigerian partners, Coscharis, as announced in August. Source Leadership Read More
 



POWER
NERC’s technical lapse created new enforcement agency – Nnaji - A former minister of power, Prof. Barth Nnaji has said the failure of the Nigerian Electricity Regulatory Commission (NERC) to do technical enforcement led to the creation of a new enforcement agency early this year. Source Daily Trust Read More
 

RULES & REGULATION
CBN grants licences to 21 mobile money operators - The Central Bank of Nigeria (CBN) is said to have granted licenses to 21 Mobile Money Operators (MMOs) in Nigeria which comprise 15 non-bank operators and 6 bank operators that have been carrying out commercial operations at January 2013 to date. Source Daily Trust Read More
 

All banks sound, stable, says CBN - The Central Bank of Nigeria (CBN) has defended the stability of the banking system, saying no Nigerian bank is “experiencing stress.” Source THE NATION Read More
 

CAPITAL MARKET
YTD loss hits 20% as stocks resume downtrend after a day-break - The equities market closed today on a negative note, as NSE ASI depreciated by 0.17% to close at 27,697.12basis points, compared with the 0.53% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at 20.08% Source Proshare Read More
 

NSE Trade Smart and Online Trading - TNI Q4/E8 - The launch of the online trading system following the advent of the X-Gen Trading engine in Q3’ 2013 remains a revolution which has changed the face and process of stocks trading in the Nigerian Stock Market. Source Proshare Read More
 

MONEY MARKET
Nigeria bond yields fall, naira eases on black market on rate cut - Yields on Nigeria’s bonds fell below 10 percent across maturities as trading started on Wednesday, traders said, a day after the central bank announced a surprise interest rate cut aimed to stimulate lending in Africa’s biggest economy. Source BUSINESSDAY Read More

 
BoI, NSE unite to develop local technology for industries - AS part of plans to promote the development of indigenous technology in the country, the Bank of Industry (BoI) has partnered with the Nigerian Society of Engineers (NSE) and other stakeholders to stimulate innovations that will boost real sector growth. Source Guardian Read More




BOND MARKET

Zamfara state sells 7 bln naira bond at 17 pct - Nigeria’s Zamfara State has issued a seven-year bond at a fixed rate of 17 percent to raise N7 billion ($35 million) for infrastructure projects, the lead issuing house FBN Capital said on Wednesday. Source BUSINESSDAY Read More

TELCOs
NCC Accuses GSM Operators of Violating Porting Process - NIGERIAN Communications Commission (NCC) has said that MTN Nigeria, Globacom and Etisalat violated the Mobile Number Portability (MNP) process time obligations in the third quarter of 2015. Source Proshare Read More

PEOPLE
Union Bank appoints New Chairman - Union Bank of Nigeria Plc (Union Bank) has appointed Mr. Cyril Odu as Chairman of the Board of Directors following the resignation of previous Chairman, Senator Udoma Udo Udoma, who was recently appointed Minister of Budget and National Planning by President Muhammadu Buhari. Mr. Odu joined the Board of Union Bank in 2012 following a $500 million (USD) investment in the Bank from Union Global Partners Limited, a private equity consortium. Source Proshare Read More

 
Kunle Oketikun Resigns as MD of FORTISMFB; Ugochukwu Ezeh Appointed in Acting Capacity - Fortis Microfinance Bank Plc notifies of the resignation of Mr. Kunle Oketikun as the Managing Director of the Bank with effect from 30 November 2015. Fortis states that Mr. Oketikun still remains a director and shareholder of the Bank. Source Proshare Read More
 

Senate confirms Kuru, Danbatta as AMCON, NCC bosses - The Senate on Thursday confirmed the nomination of Ahmed Kuru and Umaru Danbatta for appointment as the Managing Director of the Asset Management Corporation of Nigeria as well as the Executive Vice Chairman of the Nigerian Communications Commission, respectively. Source Punch Read More

 


PRODUCT & SERVICES

A new dawn for online publishing in Nigeria, as OPAN is launched - The prospects of having a self-regulated, process-driven, credible, reliable and a well-structured Nigerian online publishing space, received a boost with the formal launch of the Online Publishers Association of Nigeria (OPAN). Source WebTV Read More

‘Dangote’s global expansion conforms to ECOWAS, WTO pacts’ - The massive business expansion of the Dangote Group across Africa and around the world is in conformity to the extant agreements among Economic Community of West African States (ECOWAS) member-states and members of the World Trade Organisation (WTO). Source THE NATION Read More
 

 

POLITICS
IGP: N8.7bn needed to fight insurgency - Inspector General of Police, Solomon Arase yesterday said about N8.7 billion was needed to crush insurgents and rout them out of the country. Source Daily Trust Read More
 

Reps to CBN: reduce interest rates on lending - The House of Representatives yesterday urged the Central Bank of Nigeria (CBN) to reduce interest rates on lending to small and Medium enterprises within the nation. Source THE NATION Read More
 


 

COMMODITIES
Oil Jobs Lost: 250.000 And Counting, Texas Likely To See Massive Layoffs Soon - Crude oil just capped off a third straight week of declines, as WTI nears the $40 per barrel threshold. Goldman Sachs is once again raising the possibility of oil dipping into the $20s per barrel. Source Proshare Read More
 

DPR seals 50 petrol stations in Oyo - The Department of Petroleum Resources (DPR), Oyo and Osun field office, has sealed 50 petrol stations in Ibadan and environs for hoarding and selling petrol above the approved N87. Source THE NATION Read More
 

Nigeria’s Oil Output Could Fall By 2017 Unless Investments Boosted-Moody’s - Nigeria’s oil output could drop by as much as 15 percent by 2017 unless the government attracts more investment and resolves cash shortages at state oil firms, a senior Moody’s analyst said on Wednesday. Source Guardian Read More
 

NNPC losses 531m litres of petrol to thieves in 8 months - A total of 531 million litres of petrol valued at over N50 billion was lost to pipeline vandals between January and September, 2015, at the problematic System 2B Pipeline network which stretches from the Atlas Cove in Lagos to Ilorin, the Nigerian National Petroleum Corporation (NNPC) said on Thursday. Source Daily Trust Read More

GLOBAL MARKET
IMF approves $46.14m for Sierra Leone - Executive Board of the International Monetary Fund (IMF),  has approved $64.59 million (equivalent of SDR 46.665 million of the local country’s currency) to be distributed in three tranches to Sierra Leone. Source THE NATION Read More

 
Ghana Producer Inflation Falls To 2.8 Pct In Oct - Ghana’s producer price inflation fell to 2.8 percent in October from a revised 4.8 percent in September, continuing a downward trend, the statistics office said on Wednesday. Source Guardian Read More
 

Fitch sees Brazil, Middle East/Africa region vulnerable to 2016 downgrades - Emerging markets face another wave of ratings downgrades next year, with Brazil at risk of a cut to junk and the Africa/Middle East region potentially given a 'negative outlook', Fitch Ratings' top sovereign analyst said in an interview. Source Reuters Read More
 

Zimbabwe's economy seen growing at a faster 2.7 pct in 2016 - Zimbabwe expects economic expansion to quicken to 2.7 percent in 2016 on the back of modest growth from all economic sectors, while gold output is expected to hit a 21-year high, Finance Minister Patrick Chinamasa said on Thursday. Source Reuters Read More
 

South African bank to halt dollar supplies to Angola - South Africa's Rand Merchant Bank (RMB) said on Thursday it will stop supplying Angolan banks with U.S. dollars from Nov. 30, a move that could pile pressure on the oil exporter's ailing kwanza currency. Source Reuters Read More
 

Ghana sells 560 mln cedis ($146 mln) in 5-yr domestic bonds at 24 pct - Ghana sold 560 million cedis ($146.2 million) worth of domestic bonds at a yield of 24 percent on Thursday in a debut book running debt issue that mainly targeted institutional investors, a source close to the transaction said on Thursday. Source Reuters Read More
 

Zambia's 2016 economic growth seen below 4 pct: World Bank - Zambia's economic growth will fall below 4 percent in 2016 due to a combination of domestic and international pressures but expansion in Africa's second-largest copper producer will pick up in subsequent years, the World Bank said on Thursday. Source Reuters Read More
 

 

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